The Nigerian Exchange (NGX) started the trading week on a bearish note, as the market experienced a loss of N297 billion in investor value on Monday.
At the close of trading, the All-Share Index (ASI) declined by 0.24%, shedding 265.42 points to settle at 108,467.98. The total market capitalization also dipped by 0.43%, ending the session at N68.1 trillion.
Despite the market downturn, trading activity remained active. Investors exchanged 414.57 million shares in 16,664 deals, resulting in a turnover of N10.71 billion. However, compared to the previous session on Friday, May 9, the number of traded shares declined by 10%, and the total turnover was down by 4%, even as the number of transactions rose by 6%.
Out of 127 equities that participated in the day’s trade, 39 posted gains while 28 declined.
Top Gainers and Losers
Leading the gainers’ list was Multiverse Mining and Exploration Plc, which appreciated by 10% to close at N11.00 per share. Meyer Plc and Smart Products Nigeria Plc also recorded 10% gains, ending the day at N8.80 and N0.55 per share, respectively. Other notable gainers included Beta Glass Plc (up 9.99% to N176.70), Honeywell McCallum Ltd (up 9.88% to N4.67), and Abbey Mortgage Bank Plc (up 9.86% to N7.69).
On the other end of the spectrum, E-Tranzact International Plc topped the losers’ chart with a 10% decline, closing at N5.40 per share. Nigerian Aviation Handling Company Plc followed with a 9.64% drop to N75.00, while John Holt Plc, Union Dicon Salt Plc, C&I Leasing Plc, and Linkage Assurance Plc also recorded significant losses.
Trading Volume Leaders
In terms of volume, Tantalizers Plc led the day with 49.2 million shares traded. Close behind were VFD Group Plc with 48.9 million shares, Access Holdings Plc with 29.4 million shares, and Zenith Bank Plc with 24.3 million shares.
Sector Performance
Performance across NGX indices was mixed. The Top 30 Index declined by 0.24%, while the Main Board Index dropped 0.11%. The Banking Index also saw a 0.24% loss. Conversely, the Oil and Gas Index gained 0.36%, the Insurance Index rose by 0.29%, and the Industrial Goods Index inched up by 0.12%.
Market Outlook
Despite Monday’s losses, the broader market trend remains positive. The ASI shows a one-week gain of 1.66%, a four-week increase of 4.11%, and a year-to-date growth of 5.38%, indicating underlying investor confidence in the market.
According to recent figures, the NGX saw a total turnover of 2.65 billion shares valued at N77 billion in 86,110 deals last week—up from 2.2 billion shares worth N75.4 billion in the prior week.
